Under The Microscope: Private Equity Marketing

Law360, New York (September 26, 2013, 4:49 PM EDT) -- In recent years, the U.S. Securities Exchange Commission has increased its enforcement focus on investment advisers and broker-dealers.[1] Several of these enforcement actions have resulted from the SEC’s investment adviser compliance initiative, which focuses on registered investment advisers that lack effective compliance programs designed to prevent securities laws violations.[2] These enforcement actions have involved abnormal performance returns by private funds, misleading disclosures to investors and improper fee arrangements.

Most notably, the SEC has increased its focus on the issue of whether private fund adviser personnel (i.e.,...
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